Verge Technical Analysis: (XVG/BTC) A Second Look At The Latest Chart Movements



XVG trading remains in a total state of flux, following the announcement of Verge’s new partnership with Pornhub.

In the chart above we can see a new idea for the latest XVG movements, with signs that the bullish activity still has more in store.

Looking at the sloping resistance from the earlier peak of the bull run around 1,300 Sats, we can identify a bullish pennant form as the price action consolidates against this level and the lower uptrending support.

RSI has shown a reversing trend back up toward the upper channel, with MACD oscillating back above the signal line. On the 15min charts we can also see the 50EMA holding out above the 200EMA as the new support appears to be keeping the two from bearishly diverging.

The breakout area in this pattern is projected around the 880 Sats area before we could see a bullish retracement back up to the earlier high of 1,400 Sats.

Key resistance levels to watch out for during the breakout seem to be most prominently around the 1,150 Sats and 1,245 Sats area.